EconUnit1Quiz2Test Practice

Russia invests in the expansion of its ports.

• Human Capital

• Capital Goods (Physical)

Canada is planning to build a city with Internet speeds 10 times faster than anywhere else in the world.

• Human Capital

• Capital Goods (Physical)

What is standard of living?

• is a measure of the minimum amount of money thought to be adequate for life

• A measure of how well off the people are in a country

• A lack of money and basic necessities needed for life

Who is affected by the condition of scarcity?

• The rich

• Large economies

• All societies

• Producers (ie: businesses)

Why do all societies have to make decisions about how resources will be used?

• People are greedy

• There are not enough resources for those who want them

• Resources are too expensive for most people

• Because there is a huge gap between the rich and poor

Which is NOT a question all societies have to answer due to scarce resources?

• When will products be produced?

• How will products be produced?

• What products will be produced?

• Who will gets access to the resources and the products they produce?

Which is NOT a scarce resource?

• Labor

• Trees

• Time

• Candy

Scarcity is defined as a limited supply of resources and...

• limited wants for those resources

• unlimited resources

• limited resources

• unlimited wants for available resources

the condition that exists when someone can produce a good or service at a lower opportunity cost than someone else

• Comparative advatange

• Specialization

• Absolute advantage

• Division of labor

a generally accepted medium of exchange that can be traded for goods and services or used to pay debts

• Credit card

• Money

• Barter

• Trade